U.S.-Iran Tensions Send Bitcoin Below $64,000 Amid Large Long Liquidation Cluster

Escalating tensions between the U.S. and Iran over the Strait of Hormuz have significantly dampened investor risk appetite, sending Bitcoin (BTC) below $64,000 and causing a flight to safety into the larger, more established cryptocurrency.

The June U.S. Consumer Price Index (CPI) report came in softer than expected, but this had little impact on Bitcoin's price, which has been heavily influenced by rising tensions in the Middle East.

A massive long liquidation cluster worth approximately $2.04 billion is concentrated around the $62,000 level, making it a focal point for weekend price action.